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New tax bill and changes to Roth IRA accounts

ST. LOUIS, Mo. _The U.S. House and Senate tax bills are approved. The next step is to combine them during formal negotiations leading up to the president's signature.

This will be the largest change to U.S. Tax laws since the 1980s.

Omar Qureshi, Managing Director & Investment Strategist at HighTower St. Louis, joined us on FOX 2 News in the Morning to explain.

The new Tax Bill, if passed, will bring about a lot of changes Though we aren`t sure when, or if the bill will pass, this serves as an important reason to consult your financial advisor or to obtain one. You can utilize the knowledge they have of your finances and help walk you through how the changes will affect you. From there, together, you can develop a plan that will help utilize the changes to your benefit.

Within the new tax bill is a simple line that erases the ability for people who have converted traditional IRA funds to a Roth IRA in 2017 to change their mind and reverse their decision. If the proposal becomes a law, Roth conversions will become irreversible, one-and-done decisions.

For those who have converted a traditional IRA to a Roth IRA this year, they only have until December 31 to reverse the conversion and not next October 15 as permitted under currently law.